Question
Elaborate the factors involved in sensing opportunities.
✓
Answer
To sense an entrepreneurial opportunity, an entrepreneur employs his sharpened skills of observation, analysis and synthesis to identify an opening. The most important factors involved in the process are:
- Ability to perceive and preserve basic ideas which could be used commercially.
- Ability to harness different sources of information.
- Vision and creativity.
- Ability to perceive and preserve basic ideas: Basic ideas emerge from various sources. These ideas can be categorized as follows:
| Problems | Change | Inventions | Competition | Innovation |
| Solution of the problemis often picked up as opportunity. | Any kind of change like social, legal, technological, political, etc., user in new business opportunities. e.g.,Health care centre in present world. | These involve new thing of value and creative process that add value to the already prevalent brands or product e.g. Automatic Washing machine. | For getting ahead, the entrepreneur introdyce new and improved ideas and various sales promotions techniques e.g., free gift with a sale of product like Brush with toothpaste. | It includes creating new thing of value as well as new and creative processes that add value to the existing products or service. For example, computer to table. |
- Ability to harness different sources of knowledge and information: The information gathered from different sources has to be analyzed and utilized for identification of the right opportunity. Various sources like magazines, journals, books, seminars, trade shows, family members, customers, friends, etc. help in getting information that results in evolution of basic ideas. Bring together various sources of information and knowledge, and analyze it to the best possible extent. The analysis helps in the identification of the right opportunity to start a new business.
- Vision and Creativity: Creativity is the most striking behavioural characteristics of an entrepreneur. He should be able to develop an idea through a process of creativity and build something of value to solve a generated problem. Once the solution is identified their vision to convert the solution into business opportunity help them to move forward, overcoming all the obstacles. They constantly: (a) overcome the adversity (b) are able to exercise control over the business (c) are capable of making significant difference.
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